Tag effects

You sure can but it can be a two or three part process. If you lasso (or shift+click the clips using the Lift/Overwrite Segment Mode tool) around the entire sequence and press delete, it will delete all of the effects in the sequence. (You can also use the Remove Effect function to delete effects.) However,

Either lasso around those clips or shift + click the clips using the Lift/Overwrite Segment tool to select the clips. Then double click on the effect you want on the clips. You can double click on an effect in the effect palette or a saved effect in your bin. Just make sure, the Lift/Overwrite Segment

The difference boils down to time and space. Expert Render In/Out will analyze a sequence and determine what effects need to be rendered to have successful playback of the sequence, sometimes reducing the amount of time spent and the amount of render files created on a drive. When you Render In/Out all of the effects